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Life Insurance

You should strongly consider taking out life insurance if you have a partner, children or other relatives who are dependent on you continuing to produce enough income to keep them secure and provided for.

Our brokers can ensure that you have piece of mind regarding your loved ones being taken care of in the event of your unexpected death.

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Why is buying life insurance key if you are buying a home?

Buying a home is, for most, the largest financial amount they will pay out in their lives and the vast majority of people have to take out a mortgage in order to do so.

You have to continue making your monthly mortgage repayments otherwise you risk being repossessed, along with your partner and/or children and/or dependent relatives.

Lenders do not make a special exception if you die – if the monthly repayments aren’t made, then anyone continuing to live in your home faces eviction. This is why around 75% of family ‘breadwinners’ in the UK take out life insurance.

The need for supportive finance if a tragic event were to happen isn’t simply about paying off a mortgage. It may be, for example, that your income allows your partner to manage your home and look after the children. If you die unexpectedly, he or she may have to generate an independent income to manage the family and dependants and therefore may have to pay out additionally for things like child care.

Simply put, with a good life insurance policy, you can put your mind at rest that should a catastrophic event result in your death, your dependants won’t have to cope with destitution and insecurity at a time when they are also coping with severe grief.

When should you take out life insurance?

There is a case for taking out insurance policies of this type as soon as possible, because the younger you are, all things being equal, the cheaper should be your premiums (the regular payments you make to keep yourself insured).

However, you should definitely consider doing so when you buy a home for the first time and make the policy active from the point when you exchange – this is when you are committed to buying a property having paid over your minimum 5 – 10% of the full selling price. This is also when you’d normally take out buildings insurance.

Mortgage Payment Protection Insurance [MPPI]

You take this out to cover your mortgage and protect your family and dependants from homelessness in the event that you are unable to work, whether because you've been made redundant or you've become too ill.